Thorofare Capital has funded $18.17 million in acquisition and renovation financing for Waterside Landing, a 117-unit, 212-bed assisted living, independent living and memory care facility.

The property, which is located in a well-established residential community with access to commercial and retail stores in the surrounding area, was damaged during Hurricane Irma and presents substantial upside through a value-add business plan focused around renovations, improved management and addition of memory care capacity.

The three-story asset is situated on 7.30 acres and offers 223 parking stalls. At loan origination, Waterside Landing was 20% occupied, with all occupied units being assisted living units.

The sponsor’s business plan includes a full scope renovation, which will include sitework, landscaping improvements, new signage unit interior renovations and the refurbishment of all common areas and amenities. As part of the renovation, the sponsor plans to build out a memory care wing on the first floor of the building and optimize the unit mix by converting some of the existing units into various studios, one bedroom and two-bedroom shared units.

The financing includes a three year loan term with a future-funded renovation facility, flexible prepayment provisions and a competitively-priced interest rate.

The sponsor is an experienced South Florida-based private investment firm that acquires under-performing senior housing assets which present significant value-add potential through renovations, replacement of management and improved offerings.